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With unit rents soaring to record levels in most capital cities, itβs now cheaper for many people to buy rather than rent an apartment, according to Domain.
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For residents of Brisbane, Perth and Darwin, it's cheaper to pay a mortgage on the median-priced unit than to pay the city's median unit rent. That assumes buyers put down a 20% deposit and take out a 30-year loan with a 6% interest rate.
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In Adelaide, Canberra and Melbourne, buying costs only slightly more than renting.
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In Sydney and Hobart, there's a larger premium to buy. But those who do enter the market get to enjoy years of capital growth and the security that comes from owning your own home.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donβt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weβll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
